What was the mean price of a room at two-star, three-star, and four-star hotels in the major cities of the world during the first half of 2014? The file HotelPrices contains the mean prices in English pounds, approximately US$1.57 as of May 2015, for the three categories of hotels. (Data extracted from "Average room prices by star ratings," bit.ly/1Hlp1xy.) Do the following for two-star, three-star, and four-star hotels:
a. Compute the mean, median, first quartile, and third quartile.
b. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.
c. Interpret the measures of central tendency and variation within the context of this problem.
d. Construct a boxplot. Are the data skewed? If so, how?
e. Compute the covariance between the mean price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.
f. Compute the coefficient of correlation between the mean price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.
g. Which do you think is more valuable in expressing the relationship between the mean price of a room at two-star, three-star, and four-star hotels-the covariance or the coefficient of correlation? Explain.
h. Based on (f), what conclusions can you reach about the relationship between the mean price of a room at two-star, threestar, and four-star hotels?